Norwegian fund Romania Invest pays Ç2 mn for 30 apartments in Brasov

Norwegian investment fund Romania Invest, that holds around 750 apartments in a number of residential projects in Bucharest, acquired in February this year 30 apartments in Evocasa Viva compound, developed by Adama in Brasov, for an estimated €2 million.
Negotiation talks for the 30 apartments build by Adama in Brasov opened in September 2009, the deal being closed after six months, in February. The value of the deal is estimated at €2 million according to Romania Invest.

Evocasa Viva (photo) project, located on Stejarului street in Noua area, comprises over 500 apartments that will be delivered later this year.

The Norwegian fund has allocated €40 million for investments this year. For the time being, the fund looks at home buildings in progress in Cluj-Napoca, Ploiesti and Bacau. Of the €40 million, some €4-8 million will be invested in three projects in Bucharest and Ploiesti.

“We began due diligence for a number of projects in the country. Depending on the results of this evaluation, we will move further with the acquisition of the apartments in these projects” said Nimrod Zvik, marketing director of the sales organization for Romania Invest, Be Igloo, adding that the fund’s priorities remain projects in Bucharest.

Last year, Romania Invest sold 45 apartments at an average price of €79,000-80,000, the total value standing at around €3.6 million. The investment fund has a portfolio of around 750 apartments in seven projects in Bucharest.

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